<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<ReportingInfo version="1.0">
	<fromDate>2025-01-01</fromDate>
	<toDate>2025-12-31</toDate>
	<createDate>2026-04-09</createDate>
	<personName>ВАРНА РИЪЛТИС ЕАД</personName>
	<persontype>Емитент на облигации</persontype>
	<eik>103252121</eik>
	<represents>Валентина Борисова Димитрова</represents>
	<representsType>изпълнителен директор</representsType>
	<addressMain>гр. Варна, ул. Генерал Паренсов №3 ет.2</addressMain>
	<addressCorrespondence>гр. Варна, ул. Генерал Паренсов №3 ет.2</addressCorrespondence>
	<telephone>052 604513</telephone>
	<fax>052 604514</fax>
	<email>acc@m-sat.bg</email>
	<website>varna-realties.bg</website>
	<media>investor.bg</media>
	<creator>Светлана Недева Димитрова</creator>
	<position>главен счетоводител</position>
	<balance>
		<current>
			<assets>
				<nonCurrentAssets>
					<propertiesEquipment>
						<lands>6843</lands>
						<buildings>30560</buildings>
						<machines>344</machines>
						<businessInventory>648</businessInventory>
						<acqLiqTangibleAssets>1999</acqLiqTangibleAssets>
						<others>5588</others>
					</propertiesEquipment>
					<investProperties>14560</investProperties>
					<intangibleAssets/>
					<commercialReputation/>
					<finAssets>
						<investIn/>
						<heldToMaturity/>
					</finAssets>
					<tradeReceivables/>
					<futureExpenses>114</futureExpenses>
					<deferredTaxAssets>760</deferredTaxAssets>
				</nonCurrentAssets>
				<currentAssets>
					<inventories>
						<materials>28</materials>
						<goods>42</goods>
					</inventories>
					<tradeReceivables>
						<receivablesAffiliatedCompanies>546</receivablesAffiliatedCompanies>
						<receivablesCustomersSuppliers>100</receivablesCustomersSuppliers>
						<advancesGranted>6</advancesGranted>
						<receivablesGrantedCommercialLoans>516</receivablesGrantedCommercialLoans>
						<taxRecovery>102</taxRecovery>
						<others>1258</others>
					</tradeReceivables>
					<finAssets>
						<finAssetsKeptForTrading>
							<debtSecurities>1955</debtSecurities>
						</finAssetsKeptForTrading>
					</finAssets>
					<cashAndCashEquivalents>
						<finAssetsCash>1059</finAssetsCash>
					</cashAndCashEquivalents>
					<futureExpenses>70</futureExpenses>
				</currentAssets>
			</assets>
			<passives>
				<equity>
					<capitalStock>
						<registeredContributedCapital>294</registeredContributedCapital>
						<ordinaryShares>294</ordinaryShares>
					</capitalStock>
					<reserves>
						<targetReserve>
							<otherReserves>4290</otherReserves>
						</targetReserve>
					</reserves>
					<finResult>
						<accumulatedProfit>
							<uncoveredLoss>-2811</uncoveredLoss>
						</accumulatedProfit>
						<currentProfit>2386</currentProfit>
					</finResult>
				</equity>
				<minorityParticipation>388</minorityParticipation>
				<nonCurrentLiabilities>
					<commercialOtherObligations>
						<relatedEnterprises>14361</relatedEnterprises>
						<receivedLoansBanksNonBanks>20661</receivedLoansBanksNonBanks>
						<bondLoans>6000</bondLoans>
						<others>5</others>
					</commercialOtherObligations>
					<otherNonCurrentLiabilities>5045</otherNonCurrentLiabilities>
					<incomeFuturePeriods>3122</incomeFuturePeriods>
					<deferredTaxLiabilities>858</deferredTaxLiabilities>
				</nonCurrentLiabilities>
				<currentLiabilities>
					<commercialOtherObligations>
						<liabilitiesLoansBankNonBank>3653</liabilitiesLoansBankNonBank>
						<currentPartNonCurrentLiabilities>2876</currentPartNonCurrentLiabilities>
						<currentObligations>
							<obligationsRelatedEnterprises>2110</obligationsRelatedEnterprises>
							<obligationsReceivedCommercialLoans>2360</obligationsReceivedCommercialLoans>
							<obligationsSuppliersCustomers>156</obligationsSuppliersCustomers>
							<advancesReceived>912</advancesReceived>
							<dutiesStaff>117</dutiesStaff>
							<obligationsInsuranceCompanies>28</obligationsInsuranceCompanies>
							<taxObligations>63</taxObligations>
						</currentObligations>
						<others>13</others>
					</commercialOtherObligations>
					<futureIncome>211</futureIncome>
				</currentLiabilities>
			</passives>
		</current>
		<previous>
			<assets>
				<nonCurrentAssets>
					<propertiesEquipment>
						<lands>6843</lands>
						<buildings>30931</buildings>
						<machines>404</machines>
						<businessInventory>808</businessInventory>
						<acqLiqTangibleAssets>549</acqLiqTangibleAssets>
						<others>44</others>
					</propertiesEquipment>
					<investProperties>9892</investProperties>
					<intangibleAssets/>
					<commercialReputation/>
					<finAssets>
						<investIn/>
						<heldToMaturity/>
					</finAssets>
					<tradeReceivables/>
					<futureExpenses>150</futureExpenses>
					<deferredTaxAssets>597</deferredTaxAssets>
				</nonCurrentAssets>
				<currentAssets>
					<inventories>
						<materials>28</materials>
						<goods>267</goods>
					</inventories>
					<tradeReceivables>
						<receivablesAffiliatedCompanies>5375</receivablesAffiliatedCompanies>
						<receivablesCustomersSuppliers>61</receivablesCustomersSuppliers>
						<advancesGranted>24</advancesGranted>
						<receivablesGrantedCommercialLoans>649</receivablesGrantedCommercialLoans>
						<taxRecovery>27</taxRecovery>
						<others>5349</others>
					</tradeReceivables>
					<finAssets>
						<finAssetsKeptForTrading>
							<debtSecurities>1903</debtSecurities>
						</finAssetsKeptForTrading>
					</finAssets>
					<cashAndCashEquivalents>
						<finAssetsCash>1015</finAssetsCash>
						<blockedFunds>1</blockedFunds>
					</cashAndCashEquivalents>
					<futureExpenses>144</futureExpenses>
				</currentAssets>
			</assets>
			<passives>
				<equity>
					<capitalStock>
						<registeredContributedCapital>344</registeredContributedCapital>
						<ordinaryShares>344</ordinaryShares>
					</capitalStock>
					<reserves>
						<targetReserve>
							<otherReserves>4195</otherReserves>
						</targetReserve>
					</reserves>
					<finResult>
						<accumulatedProfit>
							<uncoveredLoss>-1194</uncoveredLoss>
						</accumulatedProfit>
						<currentLoss>-1522</currentLoss>
					</finResult>
				</equity>
				<minorityParticipation>423</minorityParticipation>
				<nonCurrentLiabilities>
					<commercialOtherObligations>
						<relatedEnterprises>14153</relatedEnterprises>
						<receivedLoansBanksNonBanks>24908</receivedLoansBanksNonBanks>
						<bondLoans>8000</bondLoans>
						<others>5</others>
					</commercialOtherObligations>
					<deferredTaxLiabilities>368</deferredTaxLiabilities>
				</nonCurrentLiabilities>
				<currentLiabilities>
					<commercialOtherObligations>
						<liabilitiesLoansBankNonBank>3860</liabilitiesLoansBankNonBank>
						<currentPartNonCurrentLiabilities>3632</currentPartNonCurrentLiabilities>
						<currentObligations>
							<obligationsRelatedEnterprises>6123</obligationsRelatedEnterprises>
							<obligationsSuppliersCustomers>163</obligationsSuppliersCustomers>
							<advancesReceived>1125</advancesReceived>
							<dutiesStaff>276</dutiesStaff>
							<obligationsInsuranceCompanies>49</obligationsInsuranceCompanies>
							<taxObligations>30</taxObligations>
						</currentObligations>
						<others>1</others>
					</commercialOtherObligations>
					<futureIncome>122</futureIncome>
				</currentLiabilities>
			</passives>
		</previous>
	</balance>
	<incomes>
		<current>
			<expenses>
				<activityCosts>
					<economicElementsCosts>
						<costOfMaterials>1420</costOfMaterials>
						<costsForExternalServices>1426</costsForExternalServices>
						<depreciationExpenses>1519</depreciationExpenses>
						<remunerationExpenses>2411</remunerationExpenses>
						<insuranceCosts>369</insuranceCosts>
						<balanceValueOfSoldAssets>1366</balanceValueOfSoldAssets>
						<others>858</others>
						<impairmentOfAssets>546</impairmentOfAssets>
					</economicElementsCosts>
					<financialCosts>
						<interestExpense>1871</interestExpense>
						<negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>2</negativeDifferencesFromOperationsWithFinancialAssetsAndInstruments>
						<negativeDifferencesFromChangesInExchangeRates>1</negativeDifferencesFromChangesInExchangeRates>
						<others>258</others>
					</financialCosts>
				</activityCosts>
				<activityProfit/>
				<profitBeforeTaxes>
					<expenseOfDeferredCorporateIncomeTaxes>327</expenseOfDeferredCorporateIncomeTaxes>
				</profitBeforeTaxes>
				<profitAfterTaxes/>
			</expenses>
			<income>
				<activityIncome>
					<netRevenueFromSales>
						<goods>3591</goods>
						<services>5713</services>
						<others>62</others>
					</netRevenueFromSales>
					<incomeFromFinancing>16</incomeFromFinancing>
					<incomeFromFinancingOfGovernment>16</incomeFromFinancingOfGovernment>
					<financialIncome>
						<interestIncome>81</interestIncome>
						<positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>4716</positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>
					</financialIncome>
				</activityIncome>
				<activityLoss/>
				<lossAfterTax>
					<forMinorityParticipation>35</forMinorityParticipation>
				</lossAfterTax>
			</income>
		</current>
		<previous>
			<expenses>
				<activityCosts>
					<economicElementsCosts>
						<costOfMaterials>1579</costOfMaterials>
						<costsForExternalServices>1418</costsForExternalServices>
						<depreciationExpenses>1313</depreciationExpenses>
						<remunerationExpenses>3161</remunerationExpenses>
						<insuranceCosts>445</insuranceCosts>
						<balanceValueOfSoldAssets>3370</balanceValueOfSoldAssets>
						<others>170</others>
						<impairmentOfAssets>-112</impairmentOfAssets>
					</economicElementsCosts>
					<financialCosts>
						<interestExpense>2518</interestExpense>
						<others>228</others>
					</financialCosts>
				</activityCosts>
				<activityProfit/>
				<profitBeforeTaxes>
					<expensesForCurrentCorporateIncomeTaxes>21</expensesForCurrentCorporateIncomeTaxes>
					<expenseOfDeferredCorporateIncomeTaxes>-241</expenseOfDeferredCorporateIncomeTaxes>
				</profitBeforeTaxes>
				<profitAfterTaxes/>
			</expenses>
			<income>
				<activityIncome>
					<netRevenueFromSales>
						<goods>7576</goods>
						<services>4319</services>
						<others>102</others>
					</netRevenueFromSales>
					<incomeFromFinancing>56</incomeFromFinancing>
					<incomeFromFinancingOfGovernment>56</incomeFromFinancingOfGovernment>
					<financialIncome>
						<interestIncome>306</interestIncome>
						<positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>57</positiveDifferencesFromOperationsWithFinancialAssetsAndInstruments>
					</financialIncome>
				</activityIncome>
				<activityLoss/>
				<lossAfterTax>
					<forMinorityParticipation>44</forMinorityParticipation>
				</lossAfterTax>
			</income>
		</previous>
	</incomes>
	<cashFlows>
		<current>
			<cashFlowsFromOperationalActivity>
				<receiptsFromCustomers>18472</receiptsFromCustomers>
				<paymentsToSuppliers>-9801</paymentsToSuppliers>
				<paymentsRelatedToRemuneration>-2865</paymentsRelatedToRemuneration>
				<taxesPaidRefunded>-1372</taxesPaidRefunded>
				<corporateIncomeTaxesPaid>-91</corporateIncomeTaxesPaid>
				<exchangeRateDifferences>-1</exchangeRateDifferences>
				<otherReceiptsPaymentsFromOperationalActivity>131</otherReceiptsPaymentsFromOperationalActivity>
			</cashFlowsFromOperationalActivity>
			<cashFlowsFromInvestmentActivity>
				<purchaseOfFixedAssets>-1449</purchaseOfFixedAssets>
				<loansGranted>-31</loansGranted>
				<reimbursedGrantedLoans>3244</reimbursedGrantedLoans>
				<receivedInterestOnLoansGranted>1089</receivedInterestOnLoansGranted>
			</cashFlowsFromInvestmentActivity>
			<cashFlowsFromFinancialActivity>
				<paymentsOnRepurchaseOfSecurities>-1590</paymentsOnRepurchaseOfSecurities>
				<proceedsFromLoans>6736</proceedsFromLoans>
				<loansPaid>-10946</loansPaid>
				<paidInterestFeesCommissionsOnLoansForInvestmentPurposes>-1483</paidInterestFeesCommissionsOnLoansForInvestmentPurposes>
			</cashFlowsFromFinancialActivity>
			<cashFlowsPeriodStart>1016</cashFlowsPeriodStart>
			<cashFlowsPeriodEnd>
				<availabilityInCashAndBank>1059</availabilityInCashAndBank>
			</cashFlowsPeriodEnd>
		</current>
		<previous>
			<cashFlowsFromOperationalActivity>
				<receiptsFromCustomers>15456</receiptsFromCustomers>
				<paymentsToSuppliers>-9088</paymentsToSuppliers>
				<paymentsRelatedToRemuneration>-3366</paymentsRelatedToRemuneration>
				<taxesPaidRefunded>-423</taxesPaidRefunded>
				<corporateIncomeTaxesPaid>-79</corporateIncomeTaxesPaid>
				<otherReceiptsPaymentsFromOperationalActivity>-85</otherReceiptsPaymentsFromOperationalActivity>
			</cashFlowsFromOperationalActivity>
			<cashFlowsFromInvestmentActivity>
				<purchaseOfFixedAssets>-98</purchaseOfFixedAssets>
				<loansGranted>-5146</loansGranted>
				<reimbursedGrantedLoans>9285</reimbursedGrantedLoans>
				<receivedInterestOnLoansGranted>9</receivedInterestOnLoansGranted>
				<purchaseOfInvestments>-233</purchaseOfInvestments>
			</cashFlowsFromInvestmentActivity>
			<cashFlowsFromFinancialActivity>
				<proceedsFromIssuingSecurities>1590</proceedsFromIssuingSecurities>
				<proceedsFromLoans>17768</proceedsFromLoans>
				<loansPaid>-22139</loansPaid>
				<paidInterestFeesCommissionsOnLoansForInvestmentPurposes>-3241</paidInterestFeesCommissionsOnLoansForInvestmentPurposes>
			</cashFlowsFromFinancialActivity>
			<cashFlowsPeriodStart>806</cashFlowsPeriodStart>
			<cashFlowsPeriodEnd>
				<availabilityInCashAndBank>1016</availabilityInCashAndBank>
			</cashFlowsPeriodEnd>
		</previous>
	</cashFlows>
	<capital>
		<capitalStock>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
			<otherAmendments>-50</otherAmendments>
		</capitalStock>
		<premiumReserve>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</premiumReserve>
		<reserveFromSubsequentValuations>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</reserveFromSubsequentValuations>
		<generalTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</generalTargetReserves>
		<specializedTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</specializedTargetReserves>
		<otherTargetReserves>
			<changesInOpeningBalances/>
			<profitSharing>
				<others>95</others>
			</profitSharing>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
			<balanceAtTheBeginningOfTheReportingPeriod>4195</balanceAtTheBeginningOfTheReportingPeriod>
		</otherTargetReserves>
		<accumulatedProfit>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</accumulatedProfit>
		<accumulatedLoss>
			<changesInOpeningBalances/>
			<profitSharing>
				<others>-95</others>
			</profitSharing>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</accumulatedLoss>
		<transReserve>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
		</transReserve>
		<minorityParticipation>
			<changesInOpeningBalances/>
			<profitSharing/>
			<subsequentValuationsOfTangibleAndIntangibleFixedAssets/>
			<subsequentValuationsOfFinancialAssetsAndInstruments/>
			<netProfitLossForThePeriod>-35</netProfitLossForThePeriod>
		</minorityParticipation>
	</capital>
</ReportingInfo>